- The SEC won an order against Frank Perkins Hixon, Jr., former employee of Evercore Partners Inc.(NYSE: EVR) his father and former girlfriend.
- The International Monetary Fund published a working paper entitled Is Islamic Banking Good for Growth?
- SeekingAlpha published the paper Is Bank Profitability Linked To Fed Funds?
- The Securities and Exchange Commission (SEC) announced that it would be giving $600,000 to a whistleblower.
The SEC won an order against Frank Perkins Hixon, Jr., former employee of Evercore Partners Inc.(NYSE: EVR) his father and former girlfriend. The order gave the SEC the right to disgorge $920K and another $1.2M in restitution to his employer. He used material nonpublic information learned from his job to make trades under his father, Frank P. Hixon, Sr., and former girlfriend, Destiny Robinson's, account. Inside trades were made on Westway Group, Inc. (NASDAQ:WWAY), Titanium Metals Corporation (formerly NYSE: TIE), and Evercore Partners, Inc. The judgment also ordered him to pay a civil penalty of $682,500. Hixon Jr., or "Perk" as he was known on the street, was already sentenced to 30 months in prison followed by three years of supervised release.
The International Monetary Fund published a working paper entitled Is Islamic Banking Good for Growth? The paper suggests there's a direct relationship between Islamic banking development and economic growth. Of course it also makes me wonder if a working paper entitled Is Christian Banking Good For Growth or Is Judeo Banking Good For Growth would be considered appropriate, but I digress. That said, the paper makes an interesting point about the rise of Islamic Banking.
Upcoming Events & Meetings:
The U.S. Commodity Futures Trading Commission (CFTC) announced a public meeting of the Global Markets Advisory Committee (GMAC) on May 14 at CFTC’s headquarters from 2 pm to 5:30pm. The focus of the meeting will be on issues "related to assessing clearinghouse safeguards and the CFTC’s proposal on the cross-border application of its margin requirements for uncleared swaps." Two panels have been created to address issues. The meeting is open to the public and seating is available on a first-come, first-served basis. You can also listen to the meeting via conference call: 1-866-844-9416, Code: CFTC. Location: CFTC Headquarters lobby-level Hearing Room, 1155 21st Street, NW, Washington, DC 20581.
Most Recent Recaps
- Monday, April 27, 2015 Recap: Credit Detail, More CFTC Charges, Puzzling Low T-Yields, and the Fed Testifies Before The Senate
- Monday, April 20, 2015 Recap: Treasury Auctions, FX Ponzi, BlackRock Fail, Dudley's Fed Speech, and the FFER
- Tuesday, April 21, 2015 Recap: More Regulation For Large Banks, Youth Savings, Piwowar's Speech, Flash Crash Culprit, the OFAC & FNRG Halted
- Wednesday, April 22, 2015 Recap: #EXIM2015, Obama's PPPs, Goldman Sachs In The "Dark", $1.5M Payday, Massad Speaks, and Yellen Stabilizes
- Thursday, April 23, 2015 Recap: GDP, Deutsche Bank, Community Banks, Repos, and the Treasury Gets New Blood
- Friday, April 24, 2015 Recap: New Federal Reserve Auditor, Inventories Up, CEI Same, Insider Trading, Fair Fund Delays & Alizadeh's Grand Jury Indictment